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Explain the Cost accounting:
Meaning and definition:
Cost accounting is the process of accounting for cost which begins with the incurrence of cost and ends with the control of cost. In other worlds it is a formal systems of accounting by means of which costs of products services or activities are ascertained and controlled. The institute of cost and management accountants London defines costing as the techniques and process of ascertaining costs.
The institute of cost and management accountants, London has define cost accountancy as the application of costing and cost accounting principles methods and techniques to the science art and practice of cost control the ascertainment of profitability. It includes the presentation of information derived therefore for the purpose of managerial decision making.
The ICMA London has defined cost accounting as the process of accounting for cost which begins with the recording of income and expenditure and ends with the preparation of periodical statements and reports for ascertaining and controlling costs.
After going through this section, you must be capable to: Know the concept and characteristics of working capital; Identify with the difference among net working capital
CVP ANALYSIS AND COMPUTER APPLICATIONS The output from a CVP model is only as good as the input. The analysis will include assumptions about sales mix, production efficiency, p
Ask queThe standard cost of chemical mixture ~ PQ’ is as follows: 40% of material P @ Rs. 400 per kg. 60% of material Q @ Rs. 600 per kg. A standard loss of 10% is normally anticip
Determine the Zero bases budgeting According to Leonard mere According to Leonard mere, ZBB is a technique which complements and links the existing planning budgeting and revi
Z or t Statistics If n ≥30 we use Z, if, n Ho: B = O that is, there is no relationship between X and Y HA: B≠ O There is a significant relationship between X and Y The l
Explain Profitability ratios in relation to sales a) Gross profit ratio b) Net profit ratio c) Operating ratio d) Operating profit ratio e) Expenses ratio
What is cvp?
Advantages of Simulation 1) It can be used in areas where analytical techniques are not available or would be too complex. 2) Constructing the model inevitably must involve
What is meant by the term Open Book Management? How does Open Book Management improve the organizations ability to achieve and improve results?
Ordering Costs These are incurred in getting purchased items into the company’s inventory or stores, and usually consist of clerical costs of: • Making the purchase demand.
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